New Issue: Barclays sells $1 million of 10.35% reverse convertibles linked to First Marblehead

By E. Janene Geiss

Philadelphia, Nov. 21 - Barclays Bank plc priced $1 million of 10.35% reverse convertible notes due May 22, 2007 linked to The First Marblehead Corp. stock, according to a 424B2 filing with the Securities and Exchange Commission.

Payout at maturity will be par in cash if First Marblehead stock stays at or above the protection price, 80% of the initial price of $71.70, between Nov. 17, 2006 and May 17, 2007, and finishes at or above the initial price. Otherwise, the payout will be in First Marblehead stock, with the number of shares equal to $1,000 divided by the initial share price.

Issuer:	Barclays Bank plc
Issue:	Reverse convertible notes
Underlying stock:	The First Marblehead Corp.
Amount:	$1 million
Maturity:	May 22, 2007
Coupon:	10.35%, payable monthly
Price:	Par
Payout at maturity:	Par in cash if First Marblehead stock stays at or above the protection price of $57.36 and finishes at or above the initial price; otherwise shares of First Marblehead stock equal to $1,000 divided by the initial price
Initial price:	$71.70
Protection price:	$57.36, 80% of initial price
Pricing date:	Nov. 17
Settlement date:	Nov. 22
Agent:	Barclays Capital
Agent's fee:	2.0%

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